With over a 1200 cryptocurrencies available for trading, and many of them dubious at best, investors have to become smarter and shrewder with their investments in order to avoid being fleeced of their hard earned monies.
The good news is that the introduction of blockchain technology has created a ton of new innovative opportunities that are designed to help make life easier and improve financial transactions.
Some cryptocurrencies are pretty amazing and have great potential, others run platforms that can even help with the creation of individual currencies, without all the hard work and resource implication required to build and run a blockchain.
So far, this has been the most significant barrier to the explosion of incredible cryptocurrency ideas and concepts.
What is Waves Blockchain Platform?
With the Waves Blockchain Platform cryptocurrency though, that is about to change. A Russian based cryptocurrency company, Waves attempts to make blockchain creation so easy that anyone can easily create their own cryptocurrencies using a token within a very short while.
This groundbreaking technology is probably going to usher in a new generation of cryptocurrencies that enthusiasts can trade and profit off of. The only thing standing in between you and your dreams of owning your own cryptocurrency is 1 Waves.
As long as your cryptocurrency idea or concept has good merit, widespread appeal and practical use, you can now create your own on the Waves platform.
Waves is essentially the answer to blockchain setup barriers. In fact, its tag is “your blockchain token in one minute”. While this tech is incredibly amazing, the company behind the cryptocurrency isn’t content with being the fastest blockchain network in the world.
They are also improving and expanding their network to include a decentralized exchange where interested individuals can trade created tokens, fiat currencies and cryptocurrencies.
The network currently boasts of being able to process 190 transactions per second. To show how fast and efficient this is, leading cryptocurrencies such as Ethereum can only process 20 transactions per second and Bitcoin can only process a maximum of four transactions per second.
This makes it approximately 48 times the speed of bitcoin and 9.5 times the speed of ethereum. The goal of the cryptocurrency is to deliver a network that’s faster than every other network, easy to scale and user friendly.
How is Waves Different From Other Cryptocurrencies?
Speed, Scaling and UX
As earlier stated, they are currently touted as the fastest blockchain in the world at 190 transactions per second.
Scaling is easy because of their network and the addition of multiple layers designed to handle high volume trades. Unlike many other cryptocurrencies that are pretty hard to understand, use and trade, this makes the entire process near seamless.
Easy Token Creation by Individuals
Want to have your own cryptocurrency by tonight? Use Waves Blockchain Platform to create your own token. And you don’t have to be super techy or have any knowledge of using blockchain to do so.
Waves is to cryptocurrency, what Windows was to computing when it was first created –very user friendly. Users can also create their own token without having any deep tech knowledge or know how to build or run a blockchain.
All they need is a good cryptocurrency idea, and they can have their tokens in the market within minutes of creating it. This is the beauty of Waves as a platform.
Also known as DEX, this is essentially a form of the securities exchange. You can trade and exchange cryptocurrencies on the platform if you want. The process is seamless, quick and easy.
Waves’ Future Plans
The company already has a roadmap outlined and designed to show investors where they are headed in the nearest future. Some of the plans include
- A more secure form of Smart Contracts with little or no vulnerabilities –unlike Ethereum’s
- Tokenomica – a secure, centralized, legally compliant platform built on their blockchain for crowdsales of all kinds
- Blockchain OS 2.0 –designed to improve Waves’ decentralized exchange
- Blockchain Messaging System –encrypted messaging among users which should enable faster transactions
- Multisignature Transactions –increased security during transactions by utilizing multi-layer security measures
Possible Issues and the Downsides
While Waves is a truly innovative platform and provides an excellent opportunity for hardworking folks, there are a few attendant risks to the platform.
The first is the tendency for criminals to create clone cryptocurrencies and sell them at a price that’s lower than the current market pricing. This happened early in 2017 when certain tokens with the same names as Ethereum and Bitcoin were issued on the platform and sold for cheaper than it was on the market.
Naturally, some investors bought into these thinking they were the real deal, and lost their monies in the process. And because the cryptocurrency market is currently unregulated, those people couldn’t get their monies back from the scammers.
Therefore, with Waves, there’s the real risk that scammers could further create their own tokens, causing an explosion of fake cryptocurrencies. These people don’t have to sell a lot to make a fortune.
Since you can create a token a minute, it means they could potentially create as many as they want, promote them, sell a few of each, make a profit and go on to do the same until the network finds a way to plug that hole and crack down on them.
The network would have to find a way to regulate and stop scammers who would abuse the platform in their wake before they create their tokens. Thankfully, countries are beginning to crackdown on Initial Coin Offerings, as a means to stop the emergence of fraudulent cryptocurrency.
The second issue is the company’s lack of team transparency. For a company that’s currently valued at $500 million, you would expect that you wouldn’t have to look too hard to find who runs what.
Yet this information is pretty scarce. Smart investors are often wary of coins and cryptocurrencies without transparency –in fact, transparency is imporant in the long term survival of any cryptocurrency.
We did the legwork though and found that Waves’ CEO Sasha Ivanov has credible experience in the cryptocurrency industry and even has a very successful project in the form of Coinomat.
Other noteworthy team members include Sergeey Ishchenko, leading front-end developer, Alexey Kiselev, back-end developer and Martin Spodymek. Waves would need to be more transparent about their team if they really want to achieve their pretty significant ambitions on the platform.
The platform looks like it’s here to stay though, seeing as it has recently partnered with the Russian government and leading consulting firm, Deloitte.
Waves Blockchain Platform Buying and Storage Tips
Buying Waves is pretty easy these days. Just hop on to centralized exchanges like Yobit, Shapeshift, and Bittrex –you’ll find it on other exchanges too- and purchase your Waves cryptocurrency.
You can also buy Waves cryptocurrency on the platform itself. All you need is an installed Waves client on your PC, deposit your cash, Ethereum or bitcoin, and buy your Waves. It’s really that simple. Storing your Waves cryptocurrency is as simple as keeping it on your Waves Client app or use the official wallets on your android or apple devices.
Waves Blockchain Platform Conclusion
Because Waves is so user friendly and provide a wide array of supporting services, there’s a huge possibility that it would be widely adopted and accepted, resulting in incredible growth and profits for investors who get in at the early stages.
Just understand that you would have to depend on the team to actually execute their future plans. If they do, Waves will become a force to reckon with and highly profitable for investors.
The company would also need a way to regulate and verify the authenticity of token created on their platforms. This would go a long way in engendering trust among investors and users. Overall, 2018 looks like it’s shaping up to be an even better year for Waves if it lives up to its expectations.